Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Index Rebalance

<ul>
<li>We screen the Mainland Securities ahead of the HSCEI review result, due on 20 Nov 2026 after market close.</li>
<li>One ADD and one DELETE are screened as high-conviction calls this cycle.</li>
<li>We also include one mid-conviction ADD and one low-conviction DELETE.</li>
</ul>


We screen the Mainland Securities ahead of the HSCEI review result, due on 20 Nov 2026 after market close.
One ADD and one DELETE are screened as high-conviction calls this cycle.
We also include one mid-conviction ADD and one low-conviction DELETE.


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>On 7 October, Hang Seng announced the conclusions of the market consultation to increase the number of <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> constituents from 30 to 50.</li>
<li>While most of the proposals will be implemented as proposed, a liquidity requirement has been tightened, and revenue thresholds have been imposed for companies qualifying through the Sales Growth Stream.</li>
<li>The changes will be implemented in a single step at the December rebalance and that creates a lot of flow for all the index members, current and new.</li>
</ul>


On 7 October, Hang Seng announced the conclusions of the market consultation to increase the number of Hang Seng TECH Index (HSTECH INDEX) constituents from 30 to 50.
While most of the proposals will be implemented as proposed, a liquidity requirement has been tightened, and revenue thresholds have been imposed for companies qualifying through the Sales Growth Stream.
The changes will be implemented in a single step at the December rebalance and that creates a lot of flow for all the index members, current and new.


HSTECH Index: Market Consultation Conclusions, Updated Potential Adds & The Borderline Names

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Kingboard Laminates / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kingboard-holdings-limited" target="_blank" data-smartkarma-citation="entities:8122:1" rel="noopener">Kingboard (148 HK)</a> is looking to sell around a 4.3% stake in <a href="https://www.smartkarma.com/entities/kingboard-laminates-holdings-limited" target="_blank" data-smartkarma-citation="entities:10276:1" rel="noopener">Kingboard Laminates (1888 HK)</a> to raise up to US$1.5bn via a secondary selldown.</li>
<li>Kingboard Laminates Holdings Limited is a manufacturer of laminates used in printed circuit boards, and is one of the world’s largest suppliers to the electronics industry.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Kingboard (148 HK) is looking to sell around a 4.3% stake in Kingboard Laminates (1888 HK) to raise up to US$1.5bn via a secondary selldown.
Kingboard Laminates Holdings Limited is a manufacturer of laminates used in printed circuit boards, and is one of the world’s largest suppliers to the electronics industry.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Aequitas: Kingboard Laminates Holdings Placement - Recent Deals Haven’t Done Well, US$1.5bn Raising

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>We analyzed the post-announcement return pattern of MSCI China June 2026 rebalance stocks, separating A-share (CH) and H-share (HK) cohorts within both ADD and DELETE groups.</li>
<li>DELETE: pre announcement was positive, but CH and HK High-vel history still supports shorts.</li>
<li>ADD: CH High-vel was stretched; bridging window's history is positive but inconsistent.</li>
</ul>


We analyzed the post-announcement return pattern of MSCI China June 2026 rebalance stocks, separating A-share (CH) and H-share (HK) cohorts within both ADD and DELETE groups.
DELETE: pre announcement was positive, but CH and HK High-vel history still supports shorts.
ADD: CH High-vel was stretched; bridging window's history is positive but inconsistent.


MS-China June 2026 Rebalance: Post-Announcement Trading Pattern Analysis

<ul>
<li>Improved operational performance and a short covering driven rally could lead to <a href="https://www.smartkarma.com/entities/kingboard-laminates-hldg-ltd" target="_blank" data-smartkarma-citation="entities:10276:1" rel="noopener">Kingboard Laminates (1888 HK)</a> being added to a global index in May.</li>
<li>There is a fair amount for passives to buy and there has been huge positioning in the stock over the last few months.</li>
<li>
<a href="https://www.smartkarma.com/entities/kingboard-laminates-hldg-ltd" target="_blank" data-smartkarma-citation="entities:10276:1" rel="noopener">Kingboard Laminates Holdings (1888 HK)</a> has broken out of its historical range versus <a href="https://www.smartkarma.com/entities/kingboard-holdings-ltd" target="_blank" data-smartkarma-citation="entities:8122:1" rel="noopener">Kingboard Holdings (148 HK)</a> and could underperform as we near the index inclusion event.</li>
</ul>


Improved operational performance and a short covering driven rally could lead to Kingboard Laminates (1888 HK) being added to a global index in May.
There is a fair amount for passives to buy and there has been huge positioning in the stock over the last few months.

Kingboard Laminates Holdings (1888 HK) has broken out of its historical range versus Kingboard Holdings (148 HK) and could underperform as we near the index inclusion event.


Kingboard Laminates (1888 HK): New High; Global Index Inclusion; RV Trade

Hong Kong

Kingboard Laminates Holdings Limited is a vertically-integrated electronics materials manufacturer, specializing in the production of glass epoxy and paper laminates. The company also produces upstream component materials like copper foils, glass yarns, and epoxy resins, and has diversified interests in properties, chemicals, and hotel services. It was founded in 1988 and is headquartered in Sha Tin, Hong Kong.

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Kingboard Laminates (1888 HK)

HSCEI Dec 2026 Index Rebalance Forecast

We expect Shenzhou to be deleted below rank 60 and Hua Hong Grace to fill its seat, while a mid-conviction WuXi Bio ADD would also see ZTO deleted.

Ke Yan, CFA, FRM

HSTECH Index: Market Consultation Conclusions, Updated Potential Adds & The Borderline Names

Introduction/tightening of revenue/liquidity criteria changes the list of potential adds. Estimated one-way turnover at the Dec rebalance is 14.2%...

Brian Freitas

Aequitas: Kingboard Laminates Holdings Placement - Recent Deals Haven’t Done Well, US$1.5bn Raising

Kingboard (148 HK) is looking to sell around a 4.3% stake in Kingboard Laminates (1888 HK) to raise up to US$1.5bn via a secondary selldown.

Sumeet Singh

MS-China June 2026 Rebalance: Post-Announcement Trading Pattern Analysis

Following MSCI May 2026 announcement, we a look at the trading pattern of affected stocks for MSCI-China from historical perspective by overlaying...

Ke Yan, CFA, FRM

Kingboard Laminates (1888 HK): New High; Global Index Inclusion; RV Trade

Kingboard Laminates could be added to a global index in May. Shorts are near the lows and positioning is high. There is an opportunity to put on a...

Brian Freitas

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